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Wireless Charging Market - Ready to Replace Cables, You Can Bid Good Bye to Wires
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The market for wireless charging is driven by the upsurge in the sales of electric vehicles. Moreover, the continuously progressing portable wearables and electronics market boosts the wireless charging market. Also, the gathering ambient RF energy that has become a necessity drives the wireless charging market. However, the huge expense on the technology upgradation is a major hindering factor for the wireless charging market. The market for wireless charging market views huge growth opportunity from the growing internet of things (IoT). Moreover, the extraordinary research for wireless charging technologies is a good growth opportunity for the wireless charging market. Nevertheless, the wireless charging market faces certification challenges. Also, the fact that the wireless charging is not well-suited with the existing electronic items is a major challenge for the market.
The wireless charging market is bifurcated on the basis of technology, industry and regions. Based on technology, the market for wireless charging can be bifurcated into inductive, radio frequency, resonant, and others. Laser and microwave are included in the other section. Inductive charging segment accounted for largest share for wireless charging market. Electronics, industrial, automotive, aerospace & defense, and healthcare are the various industry vertical for wireless charging market. The automotive industry was the biggest revenue generator for wireless charging market owing to its rapidly growing adoption and the necessity for charging units.
The market for wireless charging is analyzed based on five regions namely North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Asia-Pacific dominated the wireless charging market in the current year because of the rapid demand for electronic devices such as smartphones and tablets. Also, the upsurge for the electric vehicles in the region is the major growth factor for the rise of wireless charging market. LAMEA region is projected to witness the highest growth rate for wireless charging market in coming few years.
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Some key players in the wireless charging market include Samsung Electronics Co. Ltd, Texas Instruments Inc., Qualcomm Technologies Inc., Powermat Technologies Ltd., Integrated Device Technology Inc., Witricity Corporation, Sony Corporation, Fulton Innovation LLC, Murata Manufacturing Company Ltd., and Energizer Holdings Inc. These key players involved in the global wireless charging market are focusing on key market strategies including mergers and acquisitions with local as well as established players. Moreover, companies are also focusing on collaborating with local players to increase their reach across all geographies and earn huge profits. Partnership with multinational companies to strengthen their market reach and goodwill is also anticipated to be a major market strategy in the global wireless charging market.
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